Current Oil Price

biffvernon · Post by **biffvernon** » 04 Jul 2013, 13:57

It's complicated. The higher the price, the more likely they are to dig up the unconventionals and at >$100 there's quite a bit of it in North America.

Just so long as the economy bears it.

emordnilap · Post by **emordnilap** » 04 Jul 2013, 14:10

True. The 40% annual average decline rate from shale gas wells says they'll need every dollar to prop up the myth.

JavaScriptDonkey · Post by **JavaScriptDonkey** » 06 Jul 2013, 20:14

adam2 wrote: I think that the forecast is only very slightly smart.

It's a javascript presentation but the calculating code is all server side so you'd have to ask oil-price.net what it does.

biffvernon · Post by **biffvernon** » 11 Jul 2013, 08:23

WTI ticker at $106. So that's a 10% increase over the last several days. That's well out of the range of variation we've seen for the last year or more.

Post by **adam2** » 11 Jul 2013, 08:32

JavaScriptDonkey wrote:
adam2 wrote: I think that the forecast is only very slightly smart.
It's a javascript presentation but the calculating code is all server side so you'd have to ask oil-price.net what it does.

The year ahead forecast seems to be a fairly consistant 114/115% of todays price, with the caveat that "todays price" seems to be a 24 or 48 hour moving average, presumably so as to not be unduly influenced by very short term peaks or dips in the price.

PS_RalphW · Post by **PS_RalphW** » 11 Jul 2013, 10:13

WTI has almost caught up with Brent, less than $2 between them.

However, Brent, at $108, is still close to the mean price these last few years of $112. The WTI price is of relatively low importance in the US market, and irrelevant elsewhere. Only a small percentage of oil trade is linked to it, most uses Brent.

The rapid WTI rise is partly a reversion to the mean, as market forces in the US have improved the transport infrastructure in the US for distributing the oil, and transport disasters in Canada, (flooding and exploding oil trains) curtailing the supply of tar sands oil.

Globally, the oil price is remarkably stable, which makes me think that OPEC (read : Saudi Arabia) still has enough spare capacity (and/or oil storage) to control the oil price in the $110 range.

Tarrel · Post by **Tarrel** » 27 Aug 2013, 21:47

Predictably, Brent Crude is on the way up. Currently $114.

biffvernon · Post by **biffvernon** » 28 Aug 2013, 08:24

And our WTI ticker has followed it up to $109.

emordnilap · Post by **emordnilap** » 05 Sep 2013, 15:09

A bunch of reasons for the current uptick in prices.

Anyone who thinks that a short-lived burst of shale oil fracking in North Dakota and Texas is enough to counter the tides of history flowing across the Middle East simply does not understand the situation.

vtsnowedin · Post by **vtsnowedin** » 07 Sep 2013, 16:38

A bunch of reasons for the current uptick in prices.

Anyone who thinks that a short-lived burst of shale oil fracking in North Dakota and Texas is enough to counter the tides of history flowing across the Middle East simply does not understand the situation.

Yes a very good piece. I liked this bit.

Moving beyond all these geopolitical disputes which in the long run may turn out to be of only minor significance, we have some real issues: excessive population growth, climate change, food and water growing short, and medieval cultural practices that are out of tune with what takes place in most contemporary cultures.

Tarrel · Post by **Tarrel** » 18 Sep 2013, 21:55

Brent and WTI at parity today, according to BBC News Market Data.

emordnilap · Post by **emordnilap** » 03 Dec 2013, 11:43

Price still going down.

High prices push up investment and the new production brings the price down.

Modern finds deplete quickly and the prices go up.

Rinse and repeat.

vtsnowedin · Post by **vtsnowedin** » 03 Dec 2013, 23:40

emordnilap wrote:Price still going down.

.

From where? It is still $6.60 above its low for the year.
It looks like a manipulated high price held between $90 and $100 to me. You have to keep that tar sands oil profitable after all even after its quality discounts .

Post by **kenneal - lagger** » 04 Dec 2013, 03:09

High Manipulated price??? There speaks the voice of isolationist USA! The world price is consistently above the US price because the restricted flow through the Cushing Terminal means that buying and selling of US crude is restricted as that fuel often cannot get to market. If it manipulate at all the US price is manipulated down.

It is going down from a recent high of ...

PS_RalphW · Post by **PS_RalphW** » 04 Dec 2013, 07:45

Only a fraction of US Oil is sold at the wti price. Some refineries have been making good money by buying low and selling high, but the end consumer has seen little of the benefit. Oil price market is complex and headline figures can be very misleading. It is true that the US has some of the cheapest energy rates overall in the western world, especially coal, and currently gas.